Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency?

Theoretically, the petro is backed by Venezuela's reserves of precious metals like gold and crude oil.

Venezuelan President Nicolas Maduroannounced on Twitter that the cryptocurrency that has been launched at 4 am GMT was poised to strengthen the national economy and help overcome the financial blockade.

So they created a new one.

While it might make sense for a cash-strapped country to try and bring in new funding via such a token sale, the petro has been controversial from the get-go.

2 Diosdado Cabello, a hardline stalwart of Maduro's government, told state TV that a new National Assembly vote was needed "in the national interest" because the opposition-run body was idle. The oil-rich country is already preparing for polemical Presidential elections April 22nd, which the United States and other world and regional powers have said will not recognize. The petro does not give investors any ownership stake in Venezuelan oil.

Venezuelan President Nicolas Maduro began printing money in what was widely seen as a bribe for voters ahead of a controversial vote a year ago to tighten his grip on power. President Trump and several other Western leaders call Maduro's regime a dictatorship.

"With Petro, we are witnessing this opportunism on a much grander scale, and the first of its kind".

While Venezuelans largely blame the ruling socialist's stewardship of the economy for quadruple-digit inflation and chronic food shortages, Maduro's top rivals are now barred from holding office.

Opposition leaders said the sale constitutes an illegal issuing of debt, while the US Treasury Department warned it may violate sanctions imposed a year ago. The interested buyers can use different ways to become lucky owners of Petro tokens: from cryptocurrencies like Bitcoin to fiat currencies.

"My advice would be to tread very carefully with this - especially considering the track record of the Venezuelan government", said Federico Bond, co-founder of Signatura, a digital currency startup based in Argentina.

Diosdado Cabello, vice president of Venezuela's ruling Socialist Party, on Tuesday proposed holding an early congressional election alongside the April 22 presidential vote, potentially shortening the tenure of the now opposition-run legislature.

Earlier this month, Secretary of State Rex Tillerson said the US was considering raising the pressure on Maduro to restore the country's constitution and hold fair elections.

Popular news

Wreckage Of Iran Plane Crash Found
According to the reports, rescue workers have been dispatched to find and transfer the bodies of the victims. The plane that crashed on Sunday had been built in 1993, Aseman Airlines CEO Ali Abedzadeh told state TV.

The Swype keyboard app for Android has been discontinued
In addition to being around on the Play Store for so long, many Huawei devices still ship with Swype preinstalled out of the box. Like a lot of my fellow Android users, I often used to jump back and forth between keyboard apps on my phone.

Aston Martin Red Bull reveals RB14 F1 vehicle
Renault and Sauber are launching on Tuesday, world champion Mercedes and rivals Ferrari on Thursday and McLaren on Friday. Daniel Ricciardo has put Red Bull's RB14 through its paces for the first time at a filming day at Silverstone .

Canada Selling Game-Worn Olympic Hockey Jerseys
And it's happened at the Winter Games, where Canada has won four straight gold medals, including three times over the US squad. They have found little success on the ice, shipping 28 goals and scoring only twice in five games. "It's gone into overtime".

Samsung to slash OLED panel output as iPhone X slumps
Samsung did not immediately respond to our request for comment and Nikkei's report did not cite specific sources. For the facility dedicated to making panels for Apple , the rate will fall to 50 percent or lower.

Syrian regime intensifies bombing of rebel-held Eastern Ghouta
I find it cruel and sickening that aid has not been allowed into Ghouta for months while the city has been relentlessly attacked. There are nearly 400,000 people in Eastern Ghouta , the largest opposition stronghold left near the capital, according to the UN.

President Trump Endorses Mitt Romney's Senate Bid
He's a Brigham Young University graduate who went on to become the first Mormon presidential nominee of a major political party. Romney is aiming to replace 83-year-old Sen. " Donald Trump is a phony , a fraud", Mr.